Blog Archives
San Antonio Area Saw Double Digit Home Price Increase in August
San Antonio area real estate market update with the August real estate sales data and trends
The San Antonio area continued to see strong home buyer demand in August and the month ended with 3,726 single family homes sold in August, which was 2% higher than the number of homes sold in August 2020, as reported by the San Antonio Board of REALTORS Multiple Listing Service Report.
We are still in a strong seller’s market in San Antonio with only 1.8 months of inventory available in August which was a slight increase from the 1.7 months that was available in July.
In August single family homes stayed on the market for an average of only 24 days compared to an average of 55 days in August 2020, so homes sold 21% faster than one year ago. Homes that are ready to move in to, attractively presented and priced right are moving quickly in this market. The average price of a home sold in the San Antonio area in August was $353,662, a 19% increase over August 2020. The median price homes sold for in August was $298,200, a 16% increase over the August 2020 median price.
Average sold price per square foot was $164 per square foot, which is 21% higher than in August 2020.
Condominium and townhome sales decreased by 1% in August compared to August 2020, with 94 units sold. The average price of condos and townhomes increased by 27% over August 2020 to $218,972. Condominiums and townhomes stayed on the market for only 38 days in August, compared to 68 days one year ago.
The month of August ended with 6,200 listings on the market including 4,663 new listings. The month ended with 3,434 sales pending.
National data also show that in July homes received an average of 4.5 offers. Part of the reason for this is the lack of inventory. Where sellers would have listed their homes for sale last spring and this spring and summer, concerns about COVID-19 and associated concerns may still be causing some potential sellers to hold off listing their homes for sale. We are gradually seeing more inventory coming to the market and expect this fall to be a busy season.
With this severe shortage of inventory, strong home prices and possibly the best Sellers’ Market we have seen for over a decade, this could be the best time for home owners to list their homes for sale.
Some potential home sellers may be wondering where they will move to next and wondering how to buy their next home while selling their current home. If you have been thinking of selling your San Antonio home but are wondering how to sell and buy your next home in this market, I have several solutions that you may be interested in, including Knock Home Swap, a new program in the San Antonio area which allows you to move up to your next home, before selling your current home!
Part of the reason for continued strong home buyer demand is that we have seen record low interest rates this year with rates below three percent 3% for a 30-year mortgage loan. Freddie Mac, The Federal Home Loan Mortgage Corporation, projects that interest rates on a 30-year mortgage will remain at or close to three percent, throughout 2021.
While demand for single family homes is strong, rural residential lots and acreage have continued to see increased interest and sales since the start of the COVID-19 pandemic. August 2021 saw a 5% decrease in the number of lots and acreage properties sold compared to August 2020, with 399 lots sold. The average price of lots increased by 37% compared to one year ago to $138,877. Lots and acreage spent an average of only 88 days on the market in August twenty twenty one 2021, which is fifty eight percent (58%) less than the average of two hundred ten(210) days in August twenty twenty (2020).
Rural Farms and Ranches continued to see increased sales activity with 51 farms and ranches sold in August which is 7% less sales compared to the 55 that sold in August 2020. The average price of rural farm and ranch properties that sold was $1,466,243 which was 119% higher than the average price of farm and ranch properties that sold in August 2020.
If you are looking to sell a home or buy a home in the San Antonio area, or have questions about the current real estate market please contact Trudy Edwards, REALTOR with Trues SA Real Estate Team – KELLER WILLIAMS Heritage.
*Increases represent year-over-year comparison as reported by the San Antonio Board of REALTORs.
New Program Solves the Problem of How to Buy a House Before Selling Your Current House
Many homeowners want to sell their home and buy a new home but wish that they could buy their new home and move in first prior to putting their home on the market.
If your home no longer meets your needs and you have asked the question of how to buy a house before selling your current house, a new program available in limited markets across the country and just introduced in the San Antonio area may be the solution you are looking for.
Unlike traditional home sales where sellers can miss out on their dream home while waiting for their current home to sell, with the Knock Home Swap™ eligible homeowners can buy and move into their new home before selling their existing home. Knock Home Swap helps reduce the stress sometimes experienced when selling a house and buying a house at the same time because approved homeowners can make a strong, non-contingent offer on the new house and experience less uncertainty throughout the process.
One of the challenges typically experienced by homeowners who are selling a house and buying a house at the same time is that once they have a contract on their home they may not have a lot of time to choose and buy their new home. When they are under contract their agents will have to carefully coordinate and pay attention to the closing and occupancy timelines as a delay with one buyer will affect the other. The Knock Home Swap program removes that stress because the homeowners will have plenty of time to locate, buy and move into their new home before listing their current home for sale.
Another benefit of the Knock Home Swap program is that it provides eligible homeowners up to $25,000 in funds to prepare their current home for sale to help it attract more buyers, attract higher offers and sell quickly. Working with a Knock certified agent and the Knock concierge team the homeowners will select contractors from Knock’s network of prescreened contractors or choose their own to complete the improvements prior to listing the home for sale with their Knock certified agent. Knock will advance up to $25,000 to pay the contractors for the home improvements which will be repaid to Knock once the home has sold.
One element of the program that makes it perfect for today’s market is that because homeowners will be able to put their home on the market their home after they have moved out they won’t have to worry about having people coming through their home for preparation or showings while they are still living there. This means that the risks of exposure to COVID-19 through the home sale process are reduced for the homeowners.
The Knock Home Swap program adds additional convenience for the homeowners in that the entire lending, buying, and selling process is streamlined and the homeowners will only have one mortgage to pay while they are living in their new home and selling their old home.
If you are a homeowner in the San Antonio area and have been seeking answers as to how to buy a house while selling your own home, the Knock Home Swap program could have the answers you have been looking for.
To learn more and see if you and your home qualify for the Knock Home Swap program contact, Knock certified agent, Trudy Edwards, REALTOR with Keller Williams Heritage or click here to learn more
San Antonio Real Estate info 